Multiple Choice
Ending inventory for the year ended December 31,2015,is understated by $8,000.How will this affect net income for 2015 and 2016?
A) Net income will be understated by $8,000 in 2015 and 2016.
B) Net income will be overstated by $8,000 in 2015 and 2016.
C) Net income will be understated by $8,000 in 2015 and overstated by $8,000 in 2016.
D) Net income will be overstated by $8,000 in 2015 and understated by $8,000 in 2016.
Correct Answer:
Verified
Correct Answer:
Verified
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